Annual Report 2001
Transcription
Annual Report 2001
SREBRNI NOVAC KRALJA STEFANA RADOSLAVA (1218-1234) SERBIAN COINS MINTED BY KING STEFAN RADOSLAV (1218-1234) Ova izuzetno retka monetarna emisija predstavlja prvi novac srednjovekovne srpske dræave. Iskovan je 1230. godine u kovanici Ras. Uraen je po uzoru na vizantijski novac, o Ëemu svedoËe njegov oblik, grËke legende i predstave. This very rare monetary emission represents the first money of the medieval Serbian state. It was minted in the Ras mint in 1230 and modelled after Byzantine coins. The form of the coins, Greek legends and images on them are a testimony of this. Izveπtaj Predsednika Upravnog odbora Report by the Chairman of the Board of Directors Zadovoljstvo mi je da, u ime Upravnog odbora, On behalf of the Board of Directors, it is my pleasure to predstavim poslovne rezultate Raiffeisenbank Jugoslavija a.d. za 2001. godinu. Jugoslavija je present the business results of Raiffeisenbank Jugoslavija a.d. Yugoslavia is the eleventh country in jedanaesta zemlja Srednje i IstoËne Evrope u kojoj Raiffeisen Zentralbank Österreich AG nastavlja svoju Central and Southeastern Europe where RZB continues to pursue its pioneer role. Namely, RZB is the first pionirsku ulogu. Naime, RZB je prva zapadna banka Western bank to have established a domestic bank koja je u Jugoslaviji, svojim kapitalom, osnovala domaÊu banku. Smatramo da je ovo od izuzetnog with its capital in Yugoslavia. We consider this to be of great importance for the development of the banking znaËaja za razvoj bankarskog sektora u zemlji, dobar signal za strane investitore da se opredele za ulaganja sector in the country, a good signal to foreign investors to invest in Yugoslavia and an incentive to sound u Jugoslaviju, kao i podsticaj za zdravu konkurenciju competition among domestic banks as regards meu domaÊim bankama u oblasti pruæanja prvoklasne usluge klijentima i rada po the providing of first-class services to clients and complying with European evropskim standardima. standards. Za vrlo kratko vreme svoga rada, Raiffeisenbank Jugoslavija a.d. zauzela je Raiffeisenbank Jugoslavija a.d. has, in a very short period of its activity, taken vodeÊu ulogu i vrlo jaku poziciju na domaÊem træiπtu. Uspeh Banke i RZB Grupe rezultat je reπenosti da Banka svojim profesionalnim radom, struËnim kadrovima, maksimalnoj posveÊenosti poslu svojih zaposlenih, uvek bude na usluzi klijentima, kao i da svojom ponudom bankarskih proizvoda, u meri u kojoj to trenutna razvijenost træiπta dozvoljava, izae u susret njihovim potrebama. Ime Raiffeisen, dobro poznato u meunarodnim okvirima, umnogome je doprinelo stvaranju poverenja kod klijenata i njihovom opredeljenju da rade sa Raiffeisenbank Jugoslavija. 2 a leading role and a very strong position on the domestic market. The success of the Bank and the RZB Group results from the determination to always be at the disposal to its clients with its professional approach, qualified staff and devotion to work, and meet the clients' needs with its banking product range, versatile to a degree corresponding to the current level of development of the domestic market. The name of Raiffeisenbank, well-known in the region, has largely contributed to building confidence among clients and their choice to do business with Raiffeisenbank Jugoslavija. Raiffeisenbank Jugoslavija a.d. Za relativno kratko vreme svoga rada, u periodu u In a relatively short period of its activity, as the kojem su se uslovi rada u oblasti ekonomije, pravne regulative, bankarskog sektora menjali i razvijali, conditions in the economy, the legal system and banking sector were changing and developing, the banka je postigla vrlo dobre rezultate, kako u radu sa privredom, tako i u radu sa graanima. bank achieved very good results both with corporate and retail clients. Strateπki cilj banke je da i ubuduÊe ostane vodeÊa The strategic goal of the bank is to remain a leader on banka na domaÊem træiπtu. U realizaciji tog cilja banka namerava da proπiri mreæu filijala, kao i da the domestic market in the future. To achieve the goal, the bank intends to expand its network of branch poveÊa kapital. Razvoj bankarskih proizvoda i dalje usavrπavanje bankarskih usluga doprineÊe takoe ostvarenju ovog cilja. offices and increase capital, develop banking products and improve banking services. Od velike vaænosti za Banku i Grupu jesu dalja realizacija zapoËetih reformi kao i razvoj lokalnog finansijskog træiπta i stabilnih ekonomskih uslova poslovanja. Further implementation of reforms, the development of the local financial market and stable economic environment are of high importance both for the Bank and the Group. Dr Herbert Stepic Predsednik Upravnog odbora Chairman of the Board of Directors Raiffeisenbank Jugoslavija a.d. 3 Predgovor Predsednika Izvrπnog odbora Introduction by the Chairman of the Managing Board Izuzetna mi je Ëast i zadovoljstvo πto, u ime Ëlanova It is my great honour and pleasure to present to our Izvrπnog odbora, moæemo naπim osnivaËima i poslovnim partnerima da prezentujemo Godiπnji founders and business partners, on behalf of the Managing Board, the Annual Report of Raiffeisenbank izveπtaj Raiffeisenbank Jugoslavija a.d. za 2001. godinu. Ovo je prvi Godiπnji izveπtaj koji publikuje Jugoslavija a.d. for the year 2001. This is the first Annual Report published by our bank. naπa banka. We have behind us a year in which Yugoslavia restored Iza nas je godina u kojoj je Jugoslavija ponovo stekla meunarodno priznanje i Ëlanstvo u meunarodnim its international recognition and re-established membership in international financial organisations. finansijskim organizacijama. Regulisanje obaveza po Pariskom klubu, kao i zakljuËenje "stand-by" The debt settlement agreement with the Paris Club and the conclusion of a standby arrangement with the aranæmana narodnim sa MeuMonetarnim International Fund are Monetary of great Fondom, od izuzetnog su znaËaja za zemlju i buduÊu saradnju domaÊih i importance for the country and the future cooperation between domestic and stranih subjekata. OtpoËelo se sa procesom privati- international businesses. The privatisation process zacije, pristupilo se, u veÊem broju oblasti, izradi potpuno nove zakonske has begun. A brand-new legislation and amendments to existing regulative i izmenama postojeÊe, kako bi se stvorila povoljna klima i prihvatljivi uslovi za dolazak stranog kapitala i stranih investitora. Takoe se poËelo sa radikalnim reformama u oblasti bankarskog sektora u cilju njegovog ozdravljenja i uvoenja reda i primene evropskih standarda. Raiffeisenbank Jugoslavija a.d. je postala, za vrlo kratko vreme od svog osnivanja, vodeÊa banka na domaÊem træiπtu i, kao prva banka u zemlji registrovana sa 100% stranim kapitalom, stekla izuzetno poverenje kako privrednih subjekata, tako i stanovniπtva. 4 laws have been drafted to regulate a number of sectors in order to create a favourable climate and acceptable conditions for the influx of foreign capital and the arrival of foreign investors. Radical reforms are being carried out in order to rehabilitate the banking sector, restore order and implement European standards. Raiffeisenbank Jugoslavija a.d. has, in a very short period of time since its establishment, become a leading bank on the local market and, as the first bank in the country registered with 100-percent foreign capital, it attracted great confidence both among the corporate and the retail sector. Raiffeisenbank Jugoslavija a.d. Raiffeisenbank Jugoslavija a.d. dobila je 9.3.2001. godine, od Narodne banke Jugoslavije, dozvolu za obavljanje svih vrsta bankarskih poslova, kako u The National Bank of Yugoslavia granted a licence to Raiffeisenbank Jugoslavija on March 9, 2001, for the entire range of both domestic and international zemlji, tako i sa inostranstvom. Banka je osnovana sa kapitalom u iznosu od 10 miliona evra. Na samom banking activities. The bank was set up with EUR 10 million capital. At the very beginning, its shareholders poËetku, Raiffeisen were: Raiffeisen International Beteiligungs AG (RIB), as International Beteiligungs AG (RIB), kao veÊinski sa 99% uËeπÊa u kapitalu, i Uniqa Beteiligungs Holding a majority owner of a 99% share in the capital, and Uniqa Beteiligungs Holding GmbH-Austria, with 1.0% GmbH-Austria, sa 1% uËeπÊa u kapitalu. Kasnije je i Meunarodna Finansijska Korporacija (IFC) postala akcionar banke sa 10% uËeπÊa u kapitalu, tako da je share in the capital. At a later stage, the International Finance Corporation (IFC) became a shareholder with akcionari banke su bili: trenutno RIB akcionar sa 90%, a IFC sa 10%, IFC je, uËeπÊem u kapitalu naπe banke, po prvi put postala a 10% stake in the capital, so that RIB holds a 90% equity and IFC a 10% share. With the purchase of our bank's shares, the IFC has, for the first time, become a akcionar jedne banke u Jugoslaviji. shareholder in a Yugoslav bank. Raiffeisenbank Jugoslavija a.d. poËela je sa pruæanjem Raiffeisenbank Jugoslavija a.d. started providing services to corporate clients in July 2001 and to retail clients in September 2001. usluga privrednim subjektima u julu 2001, a rad sa stanovniπtvom u septembru 2001. godine. I pored toga πto je banka samo nekoliko meseci radila sa klijentima, u delu rada sa privredom, godinu smo zavrπili sa preko 300 otvorenih raËuna domaÊih i stranih firmi. Aktivnosti banke vezane su za rad sa domaÊim i stranim, srednjim i velikim preduzeÊima, veÊinom u privatnom vlasniπtvu (u oblasti prehrambene proizvodnje, hemijske i farmaceutske industrije). Banka je kreditirala izvozno orijentisane projekte, kao i potrebe klijenata za obrtnim kapitalom. Broj odobrenih kredita firmama u 2001. godini, rezultat je teπkoÊa u proceni pouzdanosti plasmana (neadekvatno voenje poslovnih knjiga klijenata i dr.), kao i nepostojanja adekvatnih mera (instrumenata) obezbeenja za plasirana sredstva (neaæurne zemljiπne knjige, neevidentirana zaloæna prava i dr.). Banka je po nalogu svojih klijenata vrπila plaÊanja i naplate iz inostranstva, otvarala akreditive i izdavala garancije po osnovu zakljuËenih poslova sa stranim partnerima. Raiffeisenbank Jugoslavija a.d. Although the bank worked with corporate clients for only several months in 2001, it ended the year with more than 300 opened accounts of domestic and foreign companies. The bank's activities have focused on domestic and foreign medium and large enterprises, predominatly privately owned (foodprocessing, chemicals and pharmaceuticals industries). The bank has also financed export-oriented projects and clients' requirements for working capital. The number of loans granted reflects difficulties in estimating the safety of lending (inadequate bookkeeping by corporate clients, etc.) and an absence of adequate measures to guarantee loan safety (collaterals, inaccurate land registers, no evidence of mortgage rights). Executing its clients' orders, the bank has made international incoming and outgoing payments, opened letters of credit, issued guarantees based on contracts signed with foreign partners. 5 Iako je rad sa stanovniπtvom poËeo 1. septembra, Raiffeisen banka je, zahvaljuÊi poverenju graana, veÊ posle mesec dana rada bila meu prvim bankama u Although the activities in the retail sector commenced on September 1, Raiffeisenbank was after only a month among the group of top banks in the country, zemlji po prikupljenim ulozima graana, da bi od novembra 2001. nadalje postala vodeÊa banka. measured by the volume of private deposits. In November, the bank took the leading position and has Raiffeisen banka je u sektoru stanovniπtva u 2001. kept it since. In the retail sector, the bank registered in godini imala preko 13.000 klijenata i ostvarenih depozita u iznosu od preko 83 miliona evra. Banka je 2001 more than 13,000 clients who deposited a total of EUR 83.0 million. In the course of the past year, the u toku protekle godine obavila sve pripreme za poËetak rada na odobravanju potroπaËkih kredita stanovniπtvu. bank completed preparations to start consumer credit activities. Banka je blagovremeno obavila sve pripreme za zamenu valuta u evro i zahvaljuÊi tome obezbedila uredno snabdevanje ovom valutom kako graana, tako i drugih banaka u ovoj godini. U ovoj oblasti posebno je bio aktivan Sektor sredstava. Raiffeisen banka je prva u Srbiji potpisala Ugovor sa Evropskom bankom za obnovu i razvoj na 5 miliona evra u okviru Programa trgovinskih olakπica i okonËala sve poslove vezano za subordinirani zajam koji bi odobrila navedena banka. Jasno je da se ovakva vrsta zajma odobrava instituciji od poverenja koja je uspeπna i radi po zapadnim standardima. U cilju daljeg jaËanja kapitalne baze, Raiffeisen banka Êe u 2002. godini poveÊati kapital za dodatnih 25 miliona evra i to putem direktne uplate 15 miliona evra od strane osnivaËa, kao i putem povlaËenja sredstava subordiniranog zajma u iznosu od 10 miliona evra. Takoe, banka planira da ide u proπirenje svoje mreæe u zemlji otvaranjem filijala. Banka je poËela rad sa VISA karticama i obavila pripreme za prelazak na elektronsko bankarstvo. Takoe smo poËeli sa pripremama za poslove deponovanja hartija od vrednosti (custody business) i nastaviÊemo da, pruæanjem usluga klijentima, pratimo proces privatizacije. 6 The bank has timely completed all preparations for the exchange of currencies into the euro and secured a regular supply of euros both to the citizens and other banks for this year. The Treasury Division has borne the brunt of the burden in these preparations. Raiffeisenbank was the first bank in Serbia to have signed the Agreement in the amount of EUR 5.0 million with the European Bank for Reconstruction and Development under the Trade Facilitation Programme and completed all activities related to a subordinated loan to be approved by the same bank. It is clear that this kind of credit can be approved only to an institution that is successful, enjoys confidence and complies with European standards. In order to further strengthen its capital base, Raiffeisenbank will in the course of 2002 increase its capital by additional EUR 25.0 million, through an equity increase of EUR 15.0 million by the shareholders, and by drawing a EUR 10.0 million subordinated loan. The bank also plans to expand its network countrywide by opening branch offices. The bank has started VISA card activities and prepared for electronic banking. We have started preparations to provide custodian services and will continue to provide services to clients engaged in the privatisation process. We also plan to begin providing banking services to small enterprises Raiffeisenbank Jugoslavija a.d. Planiramo da poËnemo sa pruæanjem bankarskih and to start approving mortgage loans. usluga malim preduzeÊima, kao i sa kreditiranjem stambene izgradnje. Banka Êe nastaviti saradnju sa The bank will continue to cooperate with leading international financial institutions in order to secure vodeÊim meunarodnim finansijskim institucijama u cilju pribavljanja dodatnih izvora finansiranja za additional sources of financing needed by the country's economy. potrebe domaÊe privrede. Sigurni smo da Êe Banka svojom prvoklasnom We are certain that with our first-class services, qualified staff, constant development of the banking uslugom, struËnim kadrovima i stalnim razvijanjem bankarskih proizvoda, kao i aktivnom uËeπÊu na daljem razvijanju domaÊeg finansijskog træiπta, product range and an active participation in the further development of the domestic financial market, the bank will be able to preserve its leading role in the zadræati vodeÊu ulogu u bankarskom sektoru zemlje, bez obzira na veÊ postojeÊe banke osnovane sa country's banking sector regardless of other existing banks founded with foreign capital or the arrival of stranim kapitalom ili dolazak stranih banaka koje Êe kupiti neku od postojeÊih domaÊih banaka. foreign banks which will buy some of the existing local banks. Budimir KostiÊ Predsednik Izvrπnog odbora Chairman of the Managing Board Raiffeisenbank Jugoslavija a.d. 7 »lanovi Izvrπnog odbora Managing Board Budimir KostiÊ - Chairman of the Managing Board Oliver Roegl - Member of the Managing Board Laszlo Sardi - Member of the Managing Board »lanovi Upravnog odbora Board of Directors 1. Dr Herbert Stepic 2. Heinz Hoedl 3. Dr Peter Felcsuti 8 Raiffeisenbank Jugoslavija a.d. Raiffeisenbank Jugoslavija - Izvrπni odbor Raiffeisenbank Jugoslavija - Managing Board Raiffeisenbank Jugoslavija a.d. 9 Raiffeisenbank Jugoslavija a.d. Raiffeisenbank Jugoslavija a.d. Raiffeisenbank Jugoslavija a.d, Beograd, dobila je 9. Raiffeisenbank Jugoslavija a.d, Belgrade, received its marta 2001. godine licencu od strane Narodne banke Jugoslavije, kao prva banka sa 100% stranog kapitala licence as the first bank with 100% foreign capital to be established in Yugoslavia, on March 9th, 2001. The u SR Jugoslaviji. Banka poseduje veliko ovlaπÊenje za obavljanje depozitno-kreditnih, menjaËkih i poslova bank has a full banking licence for domestic and crossborder operations (international licence). platnog prometa prema inostranstvu. Raiffeisenbank Raiffeisenbank Jugoslavija a.d. offers its clients Jugoslavija a.d. nudi svojim klijentima usluge u skladu sa zapadnim standardima, istovremeno i razumevanje Western service standards whilst understanding the specific conditions and opportunities in the Yugoslav specifiËnosti i moguÊnosti koje pruæa jugoslovensko finansijsko træiπte. financial market. The strategic business Glavne strateπke poslovne sfere Raiffeisenbank areas of Raiffeisenbank Jugoslavija a.d. are Jugoslavija a.d. su privredno bankarstvo (sa lokalnim i multinacionalnim corporate banking (business with local and multinational companies) kompanijama) i poslovi sa stanovniπtvom. and retail banking. Expansion will be one of Ekspanzija novih banËinih filijala biÊe jedan od prioriteta za Raiffeisenbank the priorities for Raiffeisenbank Jugoslavija a.d. in 2002 (with further Jugoslavija a.d. u 2002. godini. Raiffeisen Zentralbank Österreich (RZB-Austria) AG, koja je glavni akcionar bankarske mreæe u regionu Srednje i IstoËne Evrope, osnovana je 1927. godine, kao centralna bankarska institucija Raiffeisen bankarske grupe. Grupu reprezentuje preko 607 lokalnih Raiffeisen banaka sa 1.725 filijala, πto ukupno predstavlja 2.332 bankarske organizacije πirom Austrije. Raiffeisen bankarska Grupa ima najveÊu bankarsku mreæu u Austriji sa konsolidovanim bilansnim sredstvima od oko 110,2 milijarde evra. branches in Belgrade and the regions). 10 Raiffeisen Zentralbank Österreich (RZB-Austria) AG which is the main shareholder of the network of banks in Central and Eastern Europe, was founded as the central banking institution of the Raiffeisen Banking Group in 1927. The Group has 607 local Raiffeisen banks with 1,725 branches, in total 2,332 banking offices throughout Austria. The Raiffeisen Banking Group has the tightest banking network in Austria with consolidated assets of about Euro 110.2 billion. Raiffeisenbank Jugoslavija a.d. Sa aktivom koja iznosi 44,6 milijardi evra, RZB- With assets of Euro 44.6 billion RZB Austria is one of Austrija je jedna od najveÊih bankarskih organizacija the largest banking organisations in Austria and the u Austriji i jedna od vodeÊih banaka u Srednjoj i leading bank in Central and Eastern Europe. For short- IstoËnoj Evropi. Rejting Standard & Poor-a za term obligations Standard & Poors rates RZB-Austria kratkoroËne obaveze RZB-Austrije iznosi A1, a A1, and Moody’s Investors Service P1. For long-term Moody’s Investors Service-a P1. Na dugoroËna obligations Moody’s Investors Service rates RZB A1. sredstva Moody’s Investors Service rangira RZB sa A1. Shareholders Akcionari Raiffeisen Zentralbank Österreich AG (RZB-Austria) Raiffeisen Zentralbank through its holding RIB Österreich AG 90% (RZB- Austria) kroz svoj holding The International Finance RIB 90% Corporation (IFC) 10% International Finance Corporation (IFC - World Raiffeisen Banking Group Bank Group) 10% has been awarded “The Best Bank in Central and AmeriËki Ëasopis Global Eastern Europe” by the Finance U.S. proglasio je magazine Raiffeisen bankarsku grupu Finance, “najboljom bankom Centralnoj i Evropi” due Global to its u pioneering role in the IstoËnoj region and “The Bank of njene the Year in Central & zbog pionirske uloge u regionu, Eastern a professional magazine The struËni Ëasopis The Banker “Bankom godine u Banker. Europe” However, by we Centralnoj i IstoËnoj Evropi“. understand that our success comes from our Meutim, mi smatramo da je naπ uspeh rezultat naπe commitment to our clients, as a reliable partner with posveÊenosti klijentima, kao pouzdan partner koji radi high-quality standards. po standardima visokog kvaliteta. Raiffeisenbank Jugoslavija a.d. 11 Credit Committee Asset Liability Committee Management Committee Operations Division Nenad SibinoviÊ Corporate Banking and Credit Division Harald Lorenz Treasury and Investment Banking Division Zoran PetroviÊ Accounting Department Vesna TatiÊ Corporate Banking Department Tanja Gliπin FX and MM Department Branko NovakoviÊ Controlling Department Tatjana AleksiÊ Credit Department Mira Baltovski Correspondent Banking Department Ljiljana Turopoljac Central Processing Department Vesnica ∆oroviÊ International Payments and SWIFT Domestic Payments Treasury Administation Trade Finance Dinar Desk Irena KaraÊ Project Finance Product Development Department Bojana RovËanin Documentary Business and Guarantees Department Zlatija JelenkoviÊ FX Regulations FX Account Control Supervision Central Customer Service Department IT Department Gordana Sinobad General Administration Department Dejan DramiÊanin Central Vault Dragomir StojkoviÊ 12 Organization Chart Raiffeisenbank Jugoslavija a.d. Board Committee Project Committee Pricing Committee Managing Board Budimir KostiÊ, Oliver Roegl, Laszlo Sardi Senior Legal Advisor Boæo Novoselac Business Advisor Dragan PavloviÊ Legal and Compliance Department Aleksadra MirosavljeviÊ Human Resources Department Nada DaËiÊ Internal Audit Department Eva Gaπi Marketing Department Katarina GaboroviÊ Retail Banking Division Gordana KariÊ Risk Management Division Alexander Witte Branch Development Division Vojin RadojËiÊ Product Development Department Gordana KariÊ Property Development Department Risk Management Department Alexander Witte Credit Department Aleksandar JoviÊ System Development Department Credit Analysis Department Miloπ PopoviÊ FI-Analysis Department Ljiljana GrubiÊ Card Department Saπa DamnjanoviÊ Credit Administration Department Tatjana AÊiÊ BRANCH MODEL CHART The branch units are under the functional supervision of the relevant HO division(s) Branch Manager (Deputy Manager) Corporate Banking Unit Raiffeisenbank Jugoslavija a.d. Operations Unit Retail Unit 13 14 Raiffeisenbank Jugoslavija a.d. SREBRNI DINARI CARA DU©ANA (1346-1355) EMPEROR DU©AN'S SILVER DINARS (1346-1355) 1. "Krunidbeni dinar" predstavlja reprezentativnu sliku Duπanovog krunisanja u Skoplju 1346. godine. 2. "Car Duπan na konju" prikazuje i veliËa vojniËke pohode i osvajanja prvog srpskog cara, koji su mu doneli gordu titulu "Cara Srba, Grka i Bugara". 1. "The Crowning Dinar" shows a representative image of Duπan's coronation in Skoplje, in 1346. 2. "Emperor Duπan on horseback" presents and glorifies military campaigns and conquests of the first Serbian Emperor, which had brought him the proud title of "Emperor of Serbs, Greeks and Bulgarians". 15 Sektor za poslovanje sa privredom i kredite Corporate Banking and Credit Division Sektor za poslovanje sa privredom i kredite poËeo je sa Corporate Banking Division became operative on July radom 16.7.2001, samo Ëetiri meseca nakon dobijanja 16th 2001, only four months after obtaining the licence dozvole od strane Narodne banke Jugoslavije. Lepeza from the National Bank of Yugoslavia. The range of proizvoda koji se nude firmama ukljuËuje otvaranje i products offered to corporate clients includes account odræavanje raËuna, kao i otvaranje i odræavanje raËuna management as well as management of special posebne namene ("escrow" raËuni), usluge plaÊanja, purpose accounts (escrow accounts), payment services, usluge finansiranja kroz otvaranje akreditiva i izdavanje trade finance services (LCs, LGs, documentary garancija, collections, pre-export finance and import finance), dokumentarni inkaso, pred-izvozno finansiranje i finansiranje working capital financing uvoza), finansiranje (short-term up to one year), kapitala medium term on a case by godinu case basis, treasury and obrtnog (kratkoroËno dana), do srednjoroËno investment services. finansiranje od sluËaja do The focus of the Corporate sluËaja, Banking usluge and Credit deponovanja dinarskih i Division in the first phase of deviznih sredstava its activity is on medium & kupoprodaje deviza large size corporate clients, i investicionog bankarstva. subsidiaries Sektor za poslovanje sa multinational and Austrian privredom i kredite usmeren companies, as well as on je na srednje i velike firme, international organisations ogranke multinacionalnih i and austrijskih kompanija, kao i consular representations. meunarodne organizacije By the end of the year i diplomatsko-konzularna 2001, diplomatic of and Raiffeisenbank predstavniπtva. Jugoslavija had more than 300 corporate customers Do kraja 2001. godine, Raiffeisenbank Jugoslavija je and after only half a year of operations has become imala viπe od 300 klijenata iz privrede, a nakon samo one of the most active banks in the area of corporate pola godine rada, postala je jedna od najaktivnijih banking in Yugoslavia, both in Belgrade as well as in banaka na polju poslovanja sa privredom u Jugoslaviji, main industrial cities of Serbia. kako u Beogradu, tako i u glavnim industrijskim gradovima Srbije. 16 Raiffeisenbank Jugoslavija a.d. Æelimo da istaknemo Banka je uspela da stekne poverenje nekoliko najveÊih domaÊih klijenata iz privrede, kao πto su: Agencija za Highlights The bank succeeded in acquiring top local corporate customers such as The Agency for Privatisation, privatizaciju, Sintelon, Lafarge BeoËinska fabrika cementa, Imlek Beograd, Zorka Pharma, Duga, i druge, Sintelon, Lafarge BeoËinska fabrika cementa, Imlek Beograd, Zorka Pharma, Duga and others, as well as kao i neke od najboljih meunarodnih kompanija, kao blue-chip international companies such as OMV, Hyatt πto su OMV, Hotel Hyatt Regency, IBM, McDonald's, Tetra Pak, Britanski savet i mnoge druge. Regency Hotel, IBM, McDonald’s, Tetra Pak, The British Council and many others. Raiffeisenbank Jugoslavija je odabrana od strane Agencije za privatizaciju za banku-agenta po pitanju Raiffeisenbank Jugoslavija was chosen by the escrow-raËuna za privatizaciju BeoËinske fabrike cementa, koju je kupio francuski Lafarge, i Cementare Novi Popovac, kupljene od strane πvajcarskog Holcim-a, kao i po pitanju licitacionih i Ëinidbenih garancija za privatizaciju industrije cementa. Banka je nominovana od strane Evropske agencije za rekonstrukciju za savetodavnu banku za uvoz elektriËne energije po nalogu Elektroprivrede Srbije. Svetska banka je obavestila jugoslovenske nadleæne institucije da je Raiffeisenbank Jugoslavija a.d. prihvaÊena i kvalifikovana za rad sa specijalnim raËunima projekata koje finansira Svetska banka u Jugoslaviji. Raiffeisenbank Jugoslavija a.d. Privatisation Agency to be the Agent Bank for the Escrow Account for the privatisation of the cement plants BeoËinska fabrika cementa, bought by French Lafarge, and Cementara Novi Popovac, bought by Swiss Holcim, as well as for bid bonds and performance bonds for the privatisation of the cement industry. The bank was nominated by the European Agency for Reconstruction to be the advising bank for the import of energy by order of Elektroprivreda Srbije, Serbian national power company. The World Bank notified Yugoslav authorities that Raiffeisenbank Jugoslavija a.d. had been found acceptable, and thus eligible to operate special accounts of projects financed by the World Bank in Yugoslavia. 17 Sektor za poslovanje sa stanovniπtvom Retail Banking Division Sektor za poslove sa stanovniπtvom u Raiffeisenbank The Retail Banking Division began its operations on Jugoslavija poËeo je sa radom 03.09.2001. S obzirom da se radi o vrlo osetljivom terenu za jednu September 3, 2001. Given such a delicate environment for a foreign bank, in which most local stranu banku, gde se veÊina domaÊih banaka nalazila u teπkoj situaciji sa problemom likvidnosti, naπ banks faced utter liquidity problems, our major task was to build up confidence among local savers and najznaËajniji zadatak bio je zadobiti poverenje encourage them to entrust our Bank with their domaÊih πtediπa da svoja uπteena devizna sredstva povere naπoj banci. foreign currency funds. Therefore, all our efforts were focused on depositors Zato su svi naπi napori bili koncetrisani ka πtediπama, kako bismo svojim kvalitetom usluga zadovoljili svakog od in order to meet their requirements with the service quality. Considering the worldwide njih. S obzirom na steËeni ugled u recognized reputation of RZB, our task was, svetu naπe centralne banke, naπ zadatak bio je da svojim kvalitetom rada u operating in the most delicate area of operations with citizens and offering najosetljivijoj oblasti rada sa graanima, najpre steknemo them quality services, first to gain their confidence njihovo poverenje, a kasnije opravdamo naπe otvaranje na teritoriji Jugoslavije. and so justify our presence on the territory of Yugoslavia. Aktivnosti Sektora poslovanja sa stanovniπtvom ostvaruju se kroz: • Poslove πtednje i bankarske operative, kako u domaÊoj valuti, tako, naroËito i u prikupljanju strane valute • Otvaranje tekuÊih raËuna zaposlenima radi prijema njihovih zarada • Otvaranje æiro raËuna za prijem zarada po osnovu honorarnog rada • Prijem i isplatu bankarskih i putniËkih Ëekova • Obavljanje menjaËkih poslova • Slanje, prijem i isplatu doznaka u inostranstvo, i iz inostranstva 18 • • • • • Retail Banking Division activities are carried out through: • Savings operations and the full range of banking operations, both in terms of local currency and collection of foreign currency Opening of current accounts of employees for the purpose of regular salary transfer Opening of giro accounts for receiving salaries based on part-time work Receipt and collection of banking and travellers’ cheques Exchange operations Sending, receiving and collection of incoming and outgoing remittances Raiffeisenbank Jugoslavija a.d. • Pripreme za obavljanje konverzije IN - valuta u evro • Preparations for the euro conversion of foreign currencies Osnovni kanali prodaje u tadaπnjim uslovima su bili: The main distribution circumstances were: • Ekspozitura Resavska 22, Beograd • Ekspozitura Resavska 66, Beograd • Ekspozitura Fruπkogorska 16 a, Novi Sad channels in those • Branch, Resavska 22, Belgrade • Branch, Resavska 66, Belgrade • Branch, Fruskogorska 16a, Novi Sad Finansijski rezultati U ovom periodu opsluæeno je ukupno 13.167 stranaka. ©to se tiËe broja otvorenih deviznih raËuna Financial results In this period we rendered services to 13,167 clients. We opened citizens’ foreign currency graana, stanje je sledeÊe: accounts, as follows: Vrsta raËuna/Type of Account Devizni neoroËeni raËuni/call deposits - FCY Devizni oroËeni raËuni/term deposits - FCY Posmatrano po roËnosti πtednih uloga u stranoj valuti, preovlauju neoroËeni πtedni ulozi. Odnos je 57,08% kod neoroËenih, u odnosu na 42,92% kod oroËenih uloga. ©to se tiËe visine kamatnih stopa, one se u naπoj banci kreÊu u rasponu od 0,90% - 3,00% na najduæi rok roËnosti, i to na godiπnjem nivou. Visina kamatne stope odreuje se u odnosu na visinu πtednog uloga i u ovom trenutku je niæa nego kod nekih domaÊih banaka. I pored toga, s obzirom na kvalitet usluga koje pruæamo, veÊ posle drugog meseca rada stekli smo poverenje kod naπih πtediπa, πto nam je omoguÊilo da budemo Banka na prvom mestu po koliËini prikupljene devizne πtednje. Raiffeisenbank Jugoslavija a.d. Broj raËuna/No. of Accounts Stanje/Balance (EUR 000) 8.955 3.837 47.678 35.846 Looking at the structure of savings deposits in foreign currency, call deposits prevail. The ratio is 57.08% with call deposits, versus 42.92% with term deposits. As far as interest rates are concerned, in our Bank they vary from 0.90% to 3.00% for the longest terms, at the annual level. The interest rate is determined in accordance with the savings deposit amount and is currently lower than in some local banks. Despite this, given the quality of services we are rendering, our Bank gained the confidence of our depositors after only two months of operations, which made it possible for us to become the Number 1 Bank by the volume of foreign currency savings deposits. 19 15000 15000 10000 10000 5000 5000 0 0 Oktobar Novembar Decembar Broj raËuna/Number of accounts 100000 100000 83,525.0 80000 80000 60000 60000 40000 40000 31,923.0 20000 0 20000 13,4 Oktobar 0 Novembar Decembar Stanje deviznih depozita/Volume of FCY deposits (EUR 000) 20 Raiffeisenbank Jugoslavija a.d. Planovi za 2002. godinu 1. OËuvanje steËenog prvog mesta po koliËini prikupljene devizne πtednje. 2. Izvrπene su sve pripreme u pogledu obavljenih obuka i organizacije posla, a u vezi sa zamenom IN-valuta u evro. 3. ©irenje mreæe ekspozitura: Planirano je da se otvore tri velika regionalna centra u Novom Sadu, »aËku i Niπu, lokalne filijale u Subotici, Kruπevcu, ©apcu i Poæarevcu, kao i dve speciljalizovane ekspoziture u Beogradu. 4. Pripremamo uvoenje novih proizvoda i to: • odobravanje potroπaËkih kredita graanima • izdavanje VISA Electron kartice, kao i VISA Business Electron kartice 5. Nastavljamo sa daljim prikupljanjem πtednje, sa ciljem poboljπanja roËnosti prikupljenih sredstava. 6. Vrπimo stalna inoviranja znanja zaposlenih u Sektoru za rad sa stanovniπtvom, kako bi svi zaposleni mogli da daju pravilnu informaciju, po svakom vidu posla kojim se bavimo. 7. Takoe se radi i na pripremama uvoenja i usavrπavanja postojeÊih tehnoloπkih reπenja kod svih bankarskih operacija. Na kraju æelimo da napomenemo, da su, poËev od prvog dana po otvaranju ove vrste poslova u banci, marketinπki svi novi proizvodi bili propraÊeni kroz odgovarajuÊe broπure, oglase u dnevnim novinama i bilborde. Raiffeisenbank Jugoslavija a.d. Plans for year 2002 1. Maintaining the top position as regards the volume of foreign currency savings deposits. 2. All preparations made, including training and operational organisation in terms of EURO changeover. 3. Expansion of the branch and outlet network: The bank plans to open three large regional centres in Novi Sad, »aËak and Niπ, local branch offices in Subotica, Kruπevac, ©abac and Poæarevac and two specialized branch offices in Belgrade. 4. We are introducing new products, such as: • Consumer loans for individuals • Issuance of VISA Electron Card and VISA Business Card 5. We are continuing with further collection of savings, with a view to improving the structure of term deposits of the collected funds 6. We are carrying out constant innovation of the skills of the Retail Division staff so that all employees may be well informed and pass on accurate information on any type of banking products/services, offered by our Bank. 7. We also carry out preparations for the introduction and improvement of the existing technological solutions with all banking operations. Finally, we would like to mention that all our products have been, since the very beginning of retail operations, accompanied by marketing activities, through adequate leaflets, brochures, and advertisements in daily papers and billboards. 21 Sektor sredstava Treasury Division Osnovna karakteristika domaÊeg finansijskog træiπta je The key feature of the domestic financial market is that da se ono tek razvija. Aktivnosti na træiπtu novca skoro da i nije bilo, imajuÊi u vidu visoke provizije i troπkove it has just started to develop. Activities on the money market have been almost non-existent bearing in mind koji optereÊuju ovu vrstu transakcija. Devizno træiπte the high commission fees and costs that burden this funkcionisalo je zahvaljujuÊi intervencijama Narodne banke Jugoslavije. Uprkos ograniËenjima na domaÊem type of transactions. The foreign exchange market has functioned mainly on the basis of interventions made træiπtu, Sektor sredstava bio je uspeπan u 2001. godini. by the National Bank of Yugoslavia. Despite limitations on the domestic market, the Treasury Division was successful in 2001. Stanje æiro raËuna na dan 31.12.2001. bilo je 187,5 miliona dinara (3,13 miliona evra). Na dan 31.12.2001, Raiffeisenbank Jugoslavija je imala 30 miliona dinara u blagajniËkim zapisima Narodne banke Jugoslavije. The giro account balance on 31/12/2001 was YUM 187.5 million (EUR 3.13 million). On 31/12/2001, RBY held YUM 30,0 million in T-bills of the National Bank of Yugoslavia. Plasmani na træiπtu novca (ukljuËujuÊi i plasmane u NBJ) u devizama su u 2001. godini porasli na 77,1 miliona evra. Na ime obavezne rezerve, kod NBJ smo deponovali 45,0 miliona evra. MM placements (including placements with NBY) in FX grew in 2001 to EUR 77.1 million. As obligatory reserve, we held with NBY EUR 45.0 million. On 31/12/2001, corporate deposits held with the Na dan 31.12.2001. imali smo primljenih depozita od privrede u iznosu od 1,83 miliona evra. NajveÊi doprinos naπoj neto zaradi dala je trgovina devizama sa 57,17%, dok je træiπte novca doprinelo sa 35,88%, a trgovina efektivnim stranim novcem 6,95%. ©to se tiËe aktivnosti Sektora sredstava, imali smo zamenu efektive u iznosu od 30 miliona evra. Obrt prodaje i kupovine deviza firmama iznosio je 21,3 miliona evra. Sektor sredstava je takoe imao 85 ugovora na meu-bankarskom træiπtu. bank were EUR 1.83 million. The biggest contributor in our net profit has been FX trading with 57.17%, while MM has contributed with 35.88%, and trade in foreign currency cash with 6.95%. As far as Treasury Division activities are concerned, we had shipments of banknotes in the amount of EUR 30 million. Turnover of buying and selling of FCY to corporate clients was EUR 21.3 million. Treasury also had 85 contracts on the Inter-bank market. ImajuÊi u vidu da je banka poËela sa radom 2001. godine, bilo je neophodno uspostaviti mreæu korespondentskih odnosa sa inostranim bankama. Bearing in mind that the Bank only became operational in 2001, it was vital to set up a network of correspondent relations with foreign banks. 22 Raiffeisenbank Jugoslavija a.d. S obzirom na reforme u bankarskom sektoru, proces Considering reforms in the banking sector, a process oduzimanja licenci za rad nekim bankama, transformacijama postojeÊih banaka (pripajanjima i of withdrawing licences from certain banks and a transformation of existing banks (through mergers, sl.) depozitno-kreditnih transakcija sa domaÊim etc.), there have been no MM transactions with local bankama nije bilo. Tokom 2001. godine analiziran je rad veÊeg broja domaÊih banaka u cilju sagledavanja banks. In the course of 2001, the performance of a significant number of domestic banks was analysed in buduÊih potencijalnih partnera. U sektoru sredstava obavljene su i sve potrebne order to identify potential partners. The Treasury Division has also carried out all pripreme za rad sa hartijama od vrednosti i poslove njihovog deponovanja. Aktivnosti ovog sektora znatno preparations for the securities business and custodian services. Activities of this division will significantly Êe se uveÊati u narednom peridu, s obzirom na razvoj finansijskog træiπta u zemlji. expand in the following period as the financial market of the country develops. Treasury and IB Division Profit Structure Securities Trading 7% Obligatory Reserve 2% Banknotes Trading 8% Money Market 52% Raiffeisenbank Jugoslavija a.d. Foreign Exchange 31% 23 Sektor operativnih poslova Operations Division Sektor operativnih poslova sastoji se od πest The Operations Division comprises six organisational organizacionih delova koji pokrivaju operativno units which cover the Bank's transactional services and poslovanje Banke i pruæaju podrπku u radu ostalim operations and provide support to the other divisions’ sektorima. Sloæena struktura Sektora za operativne activities. Operations Division consists of the following poslove obuhvata sledeÊe organizacione celine: organisational units: • Sluæba za rad sa strankama • Customer Service • Odeljenje raËunovodstvenih poslova i finansijske • Accounting and Controlling Department kontrole • Central Processing Department • Odeljenje za platni promet u zemlji i inostranstvu • Odeljenje za • IT Department • General Administration informatiËke tehnologije Department • Odeljenje opπtih poslova • Central Vault • Centralni trezor In the year 2001, the U 2001. godini, Sektor za Operations Division played operativne poslove imao je a key role in enabling the veoma u quickest start of the Bank's vaænu ulogu omoguÊavanju najbræeg activities in the Raiffeisen poËetka aktivnosti Banke u network. The Division has Raiffeisen mreæi. Sektor je also been responsible for znaËajnu podrπku pruæio u branch otvaranju filijala opening the first Bank Banke, a centralizovani branch offices, while the pristup u organizacionom, centralised approach was tehnoloπkom i procedu- introduced in terms of ralnom pogledu obezbedio organisation, technology je efikasno poslovanje i and visok kvalitet proizvoda i insured prvih development, processing, high which quality usluga koje se pruæaju komitentima. banking customer service and products for the clients. Sluæba za rad sa strankama zaduæena je za pruæanje The Customer Service is in charge of providing usluga pravnim licima u finansijskim transakcijama banking services to corporate clients (opening (otvaranje raËuna, prijem i obrada naloga za accounts, reception and processing of payment orders, plaÊanje, slanje izvoda i drugih izveπtaja, kontrola cash activities, distribution of statements and other vaænosti dokumenata, obraËun provizija i pruæanje reports, control of the validity of documents, calculation informacija klijentima o bankarskim uslugama). of fees and banking information for the clients). 24 Raiffeisenbank Jugoslavija a.d. Odeljenje raËunovodstvenih poslova i finansijske The Accounting and Controlling Department is kontrole odgovorno je za izradu svih periodiËnih, responsible for preparing periodical, business and poslovnih i operativnih izveπtaja, kao i za ukupno operational reports and for the entire accounting and raËunovodstveno i finansijsko poslovanje Banke, u financial activities of the Bank in line with determined skladu sa utvrenom metodologijom i domaÊim methodology and domestic rules, implementing propisima, meunarodne international accounting standards (IAS) for the raËunovodstvene standarde (IAS) za izveπtavanje na reporting needs at the level of the Group. The nivou Grupe. Proces izrade budæeta i analiza budgeting process and the regular analysis of the postignutih rezultata redovno se izvrπava u okviru achieved results has been timely carried out by the primenjujuÊi odeljenja i Finansijske Controlling unit, which is kontrole, i prati se na nivou also responsible for the Raiffeisen reporting to our head bankarske grupacije. office. Odeljenje za platni promet The Central Processing u zemlji i inostranstvu, Department is in charge of odgovorno je za izvrπava- carrying out all forms of nje svih vrsta transakcija u transactions in domestic domaÊem i meunarodnom and platnom prometu, zaduæe- ments. It is also in charge no je za praÊenje zakonske of monitoring the laws regulative international pay- u platnom regulating za kontrolu operations and the control sredstava na æiro raËunima of funds at gyro accounts i na deviznim raËunima and Banke. accounts of the Bank. In prometu godine i U toku 2001. znaËajno foreign payment exchange je the course of the year premaπen planirani obim 2001, the planned volume poslovanja. Odeljenje je znaËajno doprinelo ukupnom of banking transactions had significantly been finansijskom rezultatu Banke, pri Ëemu je visina exceeded. The department has contributed substantially provizija i tarifa zadræana na vrlo konkurentnom nivou. to the overall financial result of the bank, while keeping the related costs at a competitively low level. Raiffeisenbank Jugoslavija a.d. 25 Odeljenje za informatiËke tehnologije, zaduæeno je The IT Department is in charge of adequately za informatiËku podrπku poslovanju Banke i realizaciju supporting the business activities of the Bank and for niza vaænih projekata kao πto su: elektronsko the planning and implementation of important projects, bankarstvo, preuzimanje domaÊeg platnog prometa, i.e. electronic banking, taking over of domestic poslovanje sa bankarskim karticama, projekti vezani payment operations, bank card business, projects za nadzor i zaπtitu raËunarsko-komunikacione mreæe, related to supervision and the protection of the kao i mnogi drugi projekti. Odeljenje opπtih poslova obezbeuje ekonomiËno i computer communications network and a large neprekidno osiguranje radnih uslova za sve bankarske aktivnosti (imovina, tehniËko odræavanje, oprema, obezbeenje, transport i druge aktivnosti). Centralni trezor obavlja poslove sa gotovinom i hartijama od vrednosti. Prostor trezora je visoko The General Administration Department is responsible obezbeen mehanizmima fiziËke i elektronske zaπtite, a ispunjeni su i svi drugi uslovi za prijem i transport vrednosnih poπiljki. activities). number of other projects. for insuring the safe and uninterrupted working conditions to the overall banking operations in a cost effective way (property, technical maintenance, equipment, physical security, transport and other The Central Vault is in charge of cash and securities related activities. The vault's premises have been highly secured, both physically and electronically. Also, all other requirements have been met for the reception and transportation of cash and securities. 26 Raiffeisenbank Jugoslavija a.d. Raiffeisenbank addresses in Yugoslavia and abroad Yugoslavia (Serbia and Montenegro) Raiffeisenbank Jugoslavija a.d. Head office Resavska 22, YU-11000 Belgrade Tel: (+381 11) 320 21 00 (operator) Tel: (+381 11) 320 21 12 Marijana Ljepoja Tel: (+381 11) 320 21 13 Ana AlikalfiÊ Fax: (+381 11) 320 21 79 (central fax) e-mail: [email protected] Branches Resavska 66 Tel:(+381 11) 3202 700 Fax: (+381 11) 3618 127 Bezistan, Terazije 27 Tel:(+381 11) 3202 750 Fax: (+381 11) 3345 667 Novi Sad Fruskogorska 16a Tel: (+381 21) 450 854 Fax: (+381 21) 450 849 www.raiffeisenbank.co.yu Information Center (+381 11) 3202 777 Austria Raiffeisen Zentralbank Österreich AG Am Stadtpark 9 A-1030 Wien Tel: (+43 1) 71707-0 (operator) Fax: (+43 1) 71707 - 1715 Tx1: 136 989 SWIFT Code: RZBA AT WW Reuter Dealing Code: RZBV Reuters Page Code: RZB01 e-mail: [email protected] (xxx.xxx are the first and the family name of the respective person) www.rzb.at Raiffeisenbank Jugoslavija a.d. Bosnia and Herzegovina Raiffeisen Bank d.d. Bosna i Hercegovina Danijela Ozme 3 71000 Sarajevo - Bosnia and Herzegovina Tel: (+387 33) 440 272 Tel: (+387 33) 214 900 Tel: (+387 33) 442 964 Fax: (+387 33) 21 38 51 SWIFT Code: RZBABA2S e-mail: [email protected] www.raiffeisenbank.ba Bulgaria Raiffeisenbank (Bulgaria) AD 18/20, Gogol Str., BG 1504 Sofia Tel: (+359 2) 919 851 01 (switch board) Fax: (+359 2) 943 45 28 Tx1: 220 05 (Treasury) Tx2: 220 06 (Operations) SWIFT Code: RZBBBGSF Reuters Dealing Code: RBBS e-mail: [email protected] www.raiffeisenbank.bg Croatia Raiffeisenbank Austria d.d. Petrinjska 59 HR-10 000 Zagreb Tel: (+385 1) 456 64 66 (switch board) Fax: (+385 1) 481 16 24 Tx1: 21137 rbazg rh SWIFT Code: RZBH HR2X Reuter Dealing Code: RZBH e-mail: [email protected] www.rba.hr 27 Czech Republic Italy Raiffeisenbank a.s. Vodickova 38 Mediocredito Trentino Alto Adige Investitionsbank Trentino - South Tyrol Via Paradisi, 1, I-38100 Trento Tel: (+39 461) 888 511 Fax: (+39 461) 888 515 e-mail: [email protected] www.mediocredito.it CZ-111 21 Praha 1 Tel: (+420 2) 242 312 70 (operator) Tel: (+420 2) 242 312 80 (operator) Fax: (+420 2) 242 312 78 Fax: (+420 2) 244 072 43 Tx1: 123160 RZBP C SWIFT Code: RZBC CZ PP Reuter Dealing Code: RAIF e-mail: [email protected] Germany RLB OÖ Branch in Passau Große Klingergasse 4 D-94032 Passau Tel: (+49 851) 929 920 Fax: (+49 851) 368 01 e-mail: [email protected] www.rlbooe.de Malta Raiffeisen Malta Bank plc 71, II Piazzetta, Tower Road SLM 16 Sliema, Malta Tel: (+356 ) 213 209 42 Tel: (+356 ) 213 209 43 Tel: (+356 ) 213 248 66 Fax: (+356 ) 213 209 54 Mobile Phone: (+356) 9943 30 00 (Schembri), (+356) 9943 40 00 (Pramböck) e-mail: [email protected] (xxx.xxx are the first and the family name of the resp. person) Poland Hungary Raiffeisen Bank Rt. Akadémia utca 6. H-1054 Budapest Tel: (+36 1) 484 44 00 (operator) Fax: (+36 1) 484 44 44 Tx1: 223123 unicc h Tx2: 223172 unicc h SWIFT Code: UBRT HUHB Reuter Dealing Code: UNIC Reuters Page Code: UNCB e-mail: [email protected] Raiffeisen Bank Polska S.A. ul.Piekna 20, PL - 00-549 Warsaw, ul. Walbrzyska 11, PL- 02-739 Warsaw for Globus Project Tel.: (+48 22) 549 88 00 for Globus Project Tel: (+48 22) 585 20 00 - switchboard Fax: (+48 22) 585 25 85 Sat.tel: (+48) 39 12 14 47 SWIFT Code: RCBWPLPW Reuter Dealing Code: RCBW e-mail: [email protected] (xxx.xxx are the first and the family name of the resp.person) www.raiffeisen.pl (y ist the first letter of the first name and xxx is the whole last name) 28 Raiffeisenbank Jugoslavija a.d. Romania Slovakia Raiffeisenbank (Romania) SA Bd. Unirii 74, sect 3, 75103 Bucharest Tel: (+40 1) 302 00 22 (operator) Fax: (+40 1) 320 99 10 SWIFT Code: RZBRROBU Reuter Deadline Code: RBRB e-mail: [email protected] (XXXX is represented by the first name; YYYY is represented by the second name) Banca Agricola - Raiffeisen S.A. Mircea Voda Blvd. 44, Bloc M17, Tronson II, Sector 3 RO-742141 BUCHAREST Tel: (+40 1) 326 22 15 (switch board) Tel: (+40 1) 326 22 16 (switch board) Tel: (+40 1) 323 00 31 (switch board) Fax: (+40 1) 326 22 09 Tx1: 11709 Tx2: 11622 BANAG R SWIFT Code: BKAG RO BU Reuter Dealing Code: BABR Reuters Page Code: BABR e-mail: [email protected] Tatra banka Russia ZAO Raiffeisenbank Austria 17/1 Troitskaya Street 129090 Moscow - Russia Tel: (+7 095) 721 99 00 Fax: (+7 095) 721 99 01 Tx1: 914617 RAIFF RU SWIFT Code: RZBMRUMM Reuter Dealing Code: RZBM e-mail: [email protected] www.raiffeisen.ru Raiffeisenbank Jugoslavija a.d. Vajanskeho nabrezie 5 SK-810 11 Bratislava 111, P.O.Box: 50 Tel: (+421 2) 5919 1111 Fax: (+421 2) 5919 1110 Fax: (+421 2) 5919 1115 (Financial Institutions) SWIFT Code: TATR SK BX Reuter Dealing Code: TBBR Reuters Page Code: TRBR, TRBT, TRBS e-mail: [email protected] www.tatrabanka.sk Ukraine Joint Stock Commercial Bank Raiffeisenbank Ukraine Vorovskogo 40 UA-01054 Kyiv Tel: (+380 44) 490 05 00 (operator) Fax: (+380 44) 490 05 01 Fax: (+380 44) 490 05 35 SWIFT Code: RZBU UA UK Reuter Dealing Code: RBUK e-mail: [email protected] www.raiffeisenbank.com.ua United Kingdom RZB Austria - London Branch 36-38 Botolph Lane, London EC3R 8DE Tel: (+44 20) 7929 2288 - switchboard Fax: (+44 20) 7283 6153 Tx1: 886 153 SWIFT Code: RZBAGB2L Reuter Dealing Code: RZBL e-mail: <firstname>.<familyname>@rzb-london.raiffeisen.at 29 30 Raiffeisenbank Jugoslavija a.d. ZLATNIK KRALJA MILANA OBRENOVI∆A (1868-1889) GOLD COIN OF KING MILAN OBRENOVI∆ (1869-1889) Prvi srpski zlatnik ‘Milan d’or’, iskovan je 1879. godine u pariskoj kovnici. Po svom izgledu i nominalnoj vrednosti, odgovarao je francuskom zlatniku od 20 franaka. The first Serbian gold coin "Milan d'or" was minted in 1879 in the Paris mint. By its look and nominal value, it was equal to the French gold coin of 20 francs. 31 32 Raiffeisenbank Jugoslavija a.d. Financial statements for the year ended 31 December, 2001 Prepared in accordance with international accounting standards KPMG KPMG d.o.o. Beograd Sava Centar D32/D33 Telephone +381 11 311 31 09 Privredni sud u Beogradu Milentija PopoviÊa 9 Fax: +381 11 147 832 broj reg. ul.1-77746-00 Belgrade 11 070 e-mail: [email protected] matiËni broj 17148656 Yugoslavia www.kpmg.co.yu raËun 40815-601-6-572718 Independent Auditor's Report We have audited the accompanying balance sheet of Raiffeisenbank Jugoslavija a.d. Belgrade as of 31 December 2001 and the related statement of income, and cash flows for the year then ended. These financial statements are the responsibility of management. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing (ISA). Those Standards require that we plan and perform the audit to obtain reasonable assurance whether the reporting package is free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe our audit provides a reasonable basis for our opinion. In our opinion, the financial statements give a true and fair view of the financial position of Raiffeisenbank Jugoslavija a.d. Belgrade as of 31 December 2001, and of the results of its operations and its cash flows for the year then ended in accordance with International Accounting Standards as specified in the “IAS Group Accounts Manual, RZB Austria”. Belgrade, 15 February 2002 Raiffeisenbank Jugoslavija a.d. KPMG d.o.o. Bulatovic Nina Managing Partner 33 CONTENTS: Income Statement for the year ended 31 December 2001 35 Balance Sheet as at 31 December 2001 36 Statement of Changes in Shareholders' Equity for the year ended 31 December 2001 37 Cash Flow Statement for the year ended 31 December 2001 38 Notes to the Financial Statements 34 39 - 57 Raiffeisenbank Jugoslavija a.d. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2001 In thousands of YUD NOTE 2001 Interest and similar income 2(d), 3 31,687 Interest and similar expenses 2(d), 3 (11,546) Net interest income 20,141 Ł Provision for possible losses on loans and advances 2(j), 3 Net interest income after provisioning (1,572) 18,569 Fee and commission income 2(e), 4 27,610 Fee and commission expenses 2(e), 4 (5,790) Net fee and commission income Ł 21,820 Net foreign exchange gains 2(f) 3,199 Result on financial assets available for sale 2(g) 2,691 Operating income General administrative expenses 46,279 5 Other operating expenses (104,155) (3,819) Operating expenses (107,974) Loss from operations (61,695) Loss for the year (61,695) Income tax Loss for the year Raiffeisenbank Jugoslavija a.d. 2(l) (61,695) 35 BALANCE SHEET AS AT 31 DECEMBER 2001 In thousands of YUD NOTE 2001 6 4, 246, 164 Loans and advances to banks 2(h), 7 3, 649, 213 Loans and advances to customers 2(i), 8 163, 858 Provision for possible losses on loans and advances 2(j), 9 (1,572) 2(c),10 32, 732 2(k), 11 177, 024 12 8, 338 ASSETS Cash and balance with central bank Financial assets available for sale Tangible and intangible assets Other assets Total assets 8,275,757 LIABILITIES Deposits with banks 13 561,885 Customer deposits 14 7,055,461 Other liabilities 15 123,051 Equity 16 597,055 Loss for the year (61,695) Total liabilities Off - balance sheet items 8,275,757 17 625,823 Belgrade, 15 February 2002 For and on behalf of the management Budimir Kostic Chairman of the Managing Board 36 Raiffeisenbank Jugoslavija a.d. STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY FOR THE YEAR ENDED 31 DECEMBER 2001 In thousands of YUD Balance as at 1 January 2001 Ordinary shares issue Loss for the year Balance as at 31 December 2001 Raiffeisenbank Jugoslavija a.d. Subscribed capital Result for the year Total - - - 597,055 - 597,055 - (61,695) (61,695)Ł 597,055 (61,695) 535,360 37 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2001 In thousands of YUD 2001 Operating activities Loss for the year (61,695)Ł Adjustments for non-cash items Depreciation 5,892Ł Impairment losses 1,572 Changes in operating assets and liabilities Loans and advances to banks (3,649,213) Loans and advances to customers (163,858) Financial assets available for sale (32,732) Other operating assets Deposits with banks Customer deposits Other operating liabilities Cash from operating activities (8,338) 561,885Ł 7,055,461 123,051 3,832,025 Investing activities Acquisition of tangible and intangible assets (182,916) Cash from investing activities (182,916) Financing activities Issue of share capital 597,055Ł Cash from financing activities 597,055Ł Net increase in cash and cash balance with central bank Cash and cash balance with central bank as at 1 January Cash and cash balance with central bank as at 31 December 38 4,246,164 4,246,164 Raiffeisenbank Jugoslavija a.d. 1. Activity Raiffeisenbank Jugoslavija a.d. Beograd (hereinafter: the Bank) was established in 2001 as a shareholders' company with the following ownership structure: Shareholders Raiffeisen International Beteiligungs GmbH, Wien Uniqa Beteiligungs-Holding GmbH, Wien Total Amount in EUR 9,900,000 100,000 10,000,000 The National Bank of Yugoslavia (Central bank, hereinafter: NBY) issued the working permission on 9 March 2001. The Bank was registered with Commercial Court in Belgrade on 10 April 2001. The Bank is licensed to perform payments, deposit and credit activities domestically and abroad. In accordance with Banking Act, the Bank is obliged to operate respecting principles of liquidity of placements and profitability. The seat of the Bank is in 22, Resavska street. The Bank opened representative units in Belgrade and Novi Sad. As at 31 December, 2001, the Bank had 130 employees. 2. Summary of significant accounting policies (a) Basis of financial statements preparation The financial statements are presented in Yugoslav Dinar (YUD), rounded to the nearest thousand. The accompanying financial statements are based upon the statutory accounting records, which are maintained under the historical cost convention. The statutory accounting reports have been restated through adjustments to present these financial statements in accordance with International Accounting Standards and have been reclassified, in general terms, in accordance with the “IAS Group Accounts Manual, RZB Austria - Version 3.0”. Raiffeisenbank Jugoslavija a.d. 39 2. Summary of significant accounting policies (continued) (b) Foreign currency Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated at the average foreign currency exchange rate ruling at the balance sheet date. Foreign exchange differences arising on translation are recognized in the income statement. Official exchange rates for major currencies used in the translation of the balance sheet items denominated in foreign currencies were as follows: In YUD 2001 USD CHF EUR 67.6702 40.3159 59.7055 (c) Financial instruments (I) Classification Financial instruments include "available for sale" assets. Available for sale assets are financial assets that are held neither for the purpose of short-term profit making, nor for held-to-maturity. These include treasury bills issued by the National Bank of Yugoslavia and bonds issued by the Government of Serbia. (II) Recognition "Available for sale" assets comprising treasury bills and government bonds are recognized on the day they are transferred to the Bank. (III) Measurement Financial instruments are measured at cost. (IV) Specific instruments Cash and balance with central bank Cash and cash equivalents comprise cash balances on hand and cash deposited with the National Bank of Yugoslavia. Investments Debt investments that the Bank does not hold for the purpose of short-term profit making and does not intend to hold to maturity are classified as “available for sale” assets. 40 Raiffeisenbank Jugoslavija a.d. 2. Summary of significant accounting policies (continued) (d) Interest and similar income/expenses Interest and similar income and expenses are recognized in the income statement on accrual basis. Interest is calculated in accordance with Yugoslav law upon the agreement between lenders and borrowers. (e) Fee and commission income/expenses Fees and commissions arise on financial services provided by/to the Bank including transfer payments in foreign currency, loan administration, guarantee, letter of credit business and other banking services. Fees and commissions are recognized when the corresponding service is provided. (f) Net foreign exchange gains Net foreign exchange gains include realised foreign currency exchange gains and losses as well as gains and losses incurred on translation of asset and liabilities denominated in foreign currency at exchange rate prevailing at the balance sheet date. (g) Result on financial assets available for sale Result on financial assets available for sale includes income received on treasury bills issued by the National Bank of Yugoslavia and bonds issued by the Government of Republic of Serbia. (h) Loans and advances to banks Loans and advances to banks are stated in the balance sheet at the amount of principle, interest and commission outstanding. Loans and advances to banks include short term and demand deposits placed with affiliated companies and other banks, accrued interest and money market placements. (i) Loans and advances to customers Loans and advances are stated in the balance sheet at the amount of the principal, interest and commission outstanding. Loans and advances to corporate customers include long and short term loans granted in YUD with foreign currency clause. Loans and accrued interest and commission receivables are provided for if they are due more than 90 days from the maturity date. Raiffeisenbank Jugoslavija a.d. 41 2. Summary of significant accounting policies (continued) (j) Provision for possible losses on loans and advances Provision for losses on loans and advances are made regarding the specific risks. Provision relates to the loans that have been individually reviewed and identified as bad or doubtful due to the uncollectability, unliquidity or other reasons. In determining the level of provisions required, the management considers numerous factors, including domestic economic conditions and the composition of the loan portfolio. (k) Tangible and intangible assets Tangible and intangible assets are stated in the balance sheet at cost decreased for accumulated depreciation. Depreciation is provided on a straight-line basis at the following prescribed rates designed to write-off cost over their estimated useful lives. % Furniture and other equipment Computers Motor vehicles Intangible assets 7 - 16.5 20 15.5 20 Intangible assets include leasehold improvements made on rented office space. Maintenance and repairs are charged to the income statement when incurred. (l) Income tax Profit tax represents an amount calculated and payable under the Serbian Corporate Income Tax Law. Tax authorities determine the estimated monthly advance of profit tax payable. Income tax rate is 20% and is payable on the taxable profit reported in the tax returns. The taxable profit reported in the tax returns includes the profit shown in the statutory income statement and adjusted for permanent differences, as defined by the Serbian Corporate Income Tax Law. 42 Raiffeisenbank Jugoslavija a.d. 2. Summary of significant accounting policies (continued) (l) Income tax (continued) Such adjustments comprise mainly of adding back certain disallowed expenses and deducting certain capital expenditure and investments incurred during the year, up to 50% of the taxable profit for the year. The Serbian Corporate Income Tax Law does not recognise temporary differences and, accordingly, no deferred tax assets or liabilities are recognised. According to the decision of the Serbian Tax Authorities, the Bank is exempt from corporate income tax for the period of the first five years of operations. 3. Net interest income after provisioning 3.1 Net interest income includes: In thousands of YUD Interest and similar income Interest and similar income arise from affiliated companies claims on banks claims on customer other Interest and similar expenses Interest and similar expenses arises from liabilities to customers Net interest income Provision for possible losses on loans and advances Provision for possible losses on loans and advances include risk provisions for loans and advances to banks Net interest income after provisioning Raiffeisenbank Jugoslavija a.d. 2001 20,128 9,957 1,335 267 31,687 (11,546) (11,546) 20,141 (1,572) (1,572) 18,569 43 4. Net fee and commission income 4.1 Net fee and commission income includes: In thousands of YUD Fee and commission income Fee and commission income arises from payments transfer business loan administration and guarantee business foreign currency business other banking services Fee and commission expenses Fee and commission payable arises from payments transfer business foreign currency business other banking services Net fee and commission income 2001 10,086 4,701 12,276 547 27,610 (5,521) (64) (205) (5,790) 21,820 5. General administrative expenses 5.1 General administrative expenses include:Ł In thousands of YUD Staff expenses Wages and salaries Social security costs and staff related taxes Other social expenses Other administrative expenses Building and office space expenses IT expenses Legal and advisory expenses Advertising, public relation and representation expenses Other Depreciation of tangible and intangible assets Tangible assets Intangible assets Total general administrative expenses 44 2001 (20,724) (13,061) (1,321) (35,106) (20,250) (7,087) (872) (6,428) (28,520)Ł (63,157) (4,281) (1,611)Ł (5,892) (104,155)Ł Raiffeisenbank Jugoslavija a.d. 6. Cash and balance with central bank 6.1 Cash and balance with central bank include:Ł In thousands of YUD 2001Ł Cash on hand 2,936,044Ł Balances with the National Bank of Yugoslavia 1,310,120Ł Balance as at 31 December 2001 4,246,164 6.2 On 31 December, cash and balance with central bank include balances with the National Bank of Yugoslavia of YUD 1,310,120 thousand comprising obligatory Dinar reserve of YUD 79,818 thousand, foreign currency reserve for public savings of YUD 964,015 thousand and foreign currency deposit for gaining international payments and credit operations license of YUD 266,287 thousand. 7. Loans and advances to banks 7.1 Loans and advances to banks include:Ł In thousands of YUD Loans to affiliated companies Current/clearing account business Money market Balance as at 31 December 2001 2001Ł 3,504,288 107,706 37,219 3,649,213Ł 7.2 Loans to affiliated companies comprise:Ł In thousands of YUD Term deposits placed with affiliated company Interest accrued on term deposits Demand deposits placed with affiliated companies Export confirmed L/C Balance as at 31 December 2001 Raiffeisenbank Jugoslavija a.d. 2001 3,409,844 4,354 88,421 1,669Ł 3,504,288Ł 45 8. Loans and advances to customers 8.1 Loans and advances to customers include:Ł In thousands of YUD 2001 Public sector 468 Corporate customers 163,328 Retail customers 62 Balance as at 31 December 2001 163,858 8.2 Loans to corporate customers encompass the following:Ł In thousands of YUD 2001 Short term loans 136,927 Long term loans 25,097 Commission receivable outstanding 762 Accrued interest 542Ł Balance as at 31 December 2001 163,328 9. Provision for possible losses on loans and advances 9.1 Provision for possible losses on loans and advances includes: In thousands of YUD 2001Ł Balance as at 1 January 2001 - Specific provision made 1,572 Recoveries -Ł Balance as at 31 December 2001 1,572 Ł 9.2 Provision for possible losses on loans and advances include provision for deposits with domestic banks for YUD 1,505 thousand and provision for loans and advances to domestic banks in the amount of YUD 67 thousand.Ł 46 Raiffeisenbank Jugoslavija a.d. 10. Financial assets available for sale 10.1 Financial assets available for sale include:Ł In thousands of YUD 2001Ł Bonds and treasury bills "available for sale"Ł Treasury bills issued by National Bank of Yugoslavia Bonds issued by the Republic of Serbia Balance as at 31 December 2001 29,661 3,071 32,732 10.2 Income from bonds and treasury bills held for sale is recognized as result on financial assets available for sale. 11. Tangible and intangible assets 11.1 Tangible and intangible assets include:Ł In thousands of YUD 2001Ł Tangible and intangible assets include Advance payments Construction in progress Equipment Intangible assets Balance as at 31 December 2001 Raiffeisenbank Jugoslavija a.d. 23,088 598 125,995 27,343 177,024Ł 47 11. Tangible and intangible assets (continued) 11.2 The movements for the year were: In thousands of YUD Advance Construction Intangible Equipment payments in progress assets Total - - - - - Additions 16,462 137,500 - 28,954 182,916 Transfer from advance payments 92,587 (114,412) 21,825 - - 21,227 - (21,227) - - 130,276 23,088 598 28,954 182,916 - - - - - Depreciation (4,281) - - (1,611) (5,892) Balance as at 31 December 2001 (4,281) - - (1,611) (5,892) 125,995 23,088 598 27,343 177,024 Cost or valuation Balance as at 1 January 2001 Transfer from construction in progress Balance as at 31 December 2001 Accumulated Depreciation Balance as at 1 January 2001 Net book value as at 31 December 2001 48 Raiffeisenbank Jugoslavija a.d. 12. Other assets 12.1 Other assets include: In thousands of YUD Current tax asset - receivables for sales tax 2001 427 Advances paid 2,384 Receivables from employees 1,271 Prepayments and other deferrals 3,266 Other assets Balance as at 31 December 2001 990 8,338 13. Deposits with banks 13.1 Deposits with banks in the amount of YUD 561,885 thousand comprise foreign currency deposits of YUD 558,362 thousand and dinar deposits of YUD 3,523 thousand that are payable on demand. 13.2 Interest is recognized in interest and similar expenses. Raiffeisenbank Jugoslavija a.d. 49 14. Customer deposits 14.1 Customer deposits include: In thousands of YUD 2001 Payable on demand Public sector Corporate customers Retail customers Other 10,092 898,586 2,835,155 123,076 3,866,909 Savings deposits with notice period of less than three months Public sector 238,822 Corporate customers 780,884 Retail customers 1,463,851 2,483,557 Savings deposits with notice period of more than three months Public sector - Corporate customers - Retail customers 692,256 692,256 Term deposits Public sector - Corporate customers - Retail customers 12,739 12,739 Balance as at 31 December 2001 7,055,461 14.2 Interest is recognized in interest and similar expenses. 50 Raiffeisenbank Jugoslavija a.d. 15. Other liabilities 15.1 Other liabilities include: In thousands of YUD 2001 Obligatory deposits for incorporation of the companies 90,295 Obligation to suppliers 19,927 Obligation for bonus salary 4,312 Obligation for sales tax 2,333 Accruals and deferred income 6,152 Other Balance as at 31 December 2001 32 123,051 16. Equity 16.1 Equity comprises the following: In thousands of YUD 2001 Balance as of 1 January - Ordinary shares issued 597,055 Balance as at 31 December 2001 597,055 16.2 As of 31 December 2001 subscribed capital comprised of ordinary shares at nominal value of YUD 10 thousand per share. 16.3 Holders of ordinary shares are entitled to receive dividends as declared by the Board of the Bank and are entitled to one vote at the general assembly meetings of the Bank. Raiffeisenbank Jugoslavija a.d. 51 17. Off - balance sheet items 17.1 Off-balance sheet items include contingent liabilities in the amount of YUD 625,823 thousand. 17.2 Contingent liabilities comprise of: In thousands of YUD 2001 Guarantees 68,959 Letters of credit (documentary business) 556,864 Balance as at 31 December 2001 625,823 17.3 Letters of credit in the amount of YUD 452,008 thousand relate to covered foreign currency letter of credit of Elektroprivreda Srbije issued for the purpose of electricity import. 18. Risk management disclosures (a) Credit risk Credit risk is the risk of financial loss occurring as a result of counterpart default regarding its contractual obligations to the Bank. In order to manage the level of credit risk, the Bank: • reviews the creditworthiness of customers applying for loans, guarantees and other credit products, • establishes credit limits on the basis of the risk assessment, • deals with counterparts of good credit standing and take appropriate collateral. Customers are monitored continually and risk limits are adjusted, if necessary. The risk limits also take into account various collateral types. The Bank is subject to credit risk through its lending and investing activities. 52 Raiffeisenbank Jugoslavija a.d. 18. Risk management disclosures (continued) (a) Credit risk (continued) The Bank's primary exposure to credit risk arises through its loans and advances. The amount of credit exposure in this regard is represented by the carrying amounts of the assets on the balance sheet share. The Bank had managed its credit risk by demanding back-to-back guarantees, foreign exchange deposits or mortgages. (b) Liquidity risk Liquidity risk arises in the general funding of the Bank's activities and in the management of its liquidity position. It includes both the risk of being unable to fund assets at appropriate maturities and rates and the risk of being unable to liquidate an asset at a reasonable price and in an appropriate time frame. The Bank has access to a diverse funding base. Funds are raised using: • deposits with wide range of maturity, and • share capital. This enhances funding flexibility, limits dependence on any one source of funds and generally lowers the cost of funds. The Bank continually assesses liquidity risk by identifying and monitoring changes in funding required to meet business goals and targets set in terms of the overall Bank's strategy. In addition, the Bank holds a portfolio of liquid assets as part of its liquidity risk management strategy. Raiffeisenbank Jugoslavija a.d. 53 18. Risk management disclosures (continued) (b) Liquidity risk (continued) to 3 3 months months to 1 year 1-5 years years Total Cash and balance with central bank 4,246,164 - - - 4,246,164 Loans and advances to banks 3,290,979 358,234 - - 3,649,213 9,621 126,724 4,891 22,622 163,858 loans and advances (1,572) - - - (1,572) Financial assets available for sale 29,661 3,071 - - 32,732 - - - 177,024 177,024 Other assets 8,338 - - - 8,338 Total assets 7,583,191 488,029 4,891 199,646 8,275,757 561,885 - - - 561,885 6,350,466 692,256 12,739 - 7,055,461 123,051 - - - 123,051 Equity - - - 597,055 597,055 Loss for the year - - - (61,695) (61,695) 7,035,402 692,256 12,739 535,360 8,275,757 547,789 (204,227) (7,848) (335,714) - In thousands of YUD Over 5 ASSETS Loans and advances to customers Provision for possible losses on Tangible and intangible assets LIABILITIES Deposits with banks Customer deposits Other liabilities Total liabilities NET LIQUIDITY GAP 54 Raiffeisenbank Jugoslavija a.d. 18. Risk management disclosures (continued) (c) Interest rate risk The Bank's operations are subject to the risk of interest rate fluctuations to the extent that interest-earning assets (including investments) and interest-bearing liabilities mature at different times or in differing amounts. In the case of floating rate assets and liabilities, the Bank is also exposed to basis risk related to the floating rate indices, such as the savings rate and monthly EURIBOR interest rate. Risk management activities are aimed at optimizing net interest income, given market interest rate levels consistent with the Bank's business strategies. Asset-liability risk management activities are conducted in the context of the Bank's sensitivity to interest rate changes. In general, the Bank is liability sensitive because its interest-earning assets have a longer duration than interest-bearing liabilities. In managing maturity structure, senior management considers among others: • macro and micro economic forecasts, • forecasts in liquidity conditions and • the anticipated trends in interest rates. to 3 3 months months to 1 year 1-5 years bearing Total 79,818 1,230,302 - 2,936,044 4,246,164 3,090,500 549,196 - 9,517 3,649,213 162,554 - - 1,304 163,858 - - - (1,572) (1,572) 29,661 3,071 - - 32,732 Tangible and intangible assets - - - 177,024 177,024 Other assets - - - 8,338 8,338 Total assets 3,362,533 1,782,569 - 3,130,655 8,275,757 In thousands of YUD Not interest ASSETS Cash and balance with central bank Loans and advances to banks Loans and advances to customers Provision for possible losses on loans and advances Financial assets available for sale Raiffeisenbank Jugoslavija a.d. 55 18. Risk management disclosures (continued) (c) Interest rate risk (continued) to 3 3 months months to 1 year 1-5 years bearing Total - 561,885 - - 561,885 2,483,557 4,571,904 - - 7,055,461 Other liabilities - - - 123,051 123,051 Equity - - - 597,055 597,055 Loss for the year - - - (61,695) (61,695) 2,483,557 5,133,789 - 658,411 8,275,757 878,976 (3,351,220) - 2,472,244 - In thousands of YUD Not interest LIABILITIES Deposits with banks Customer deposits Total liabilities INTEREST SENSITIVITY GAP (d) Currency risk The Bank is exposed to currency risk through transactions in foreign currencies. Foreign currency risk arises in case of mismatch in assets and liabilities denominated in foreign currencies. The Bank ensures that foreign currency position as far as practical is minimized. The Bank maintains the foreign currency position by granting loans with foreign currency clause. 56 Raiffeisenbank Jugoslavija a.d. 18. Risk management disclosures (continued) (d) Currency risk (continued) In thousands of YUD USD EUR Other YUD Total 31,590 3,908,240 12,212 294,122 4,246,164 787,659 2,821,159 39,715 680 3,649,213 - - - 163,858 163,858 (398) (1,174) - - (1,572) Financial assets available for sale - - - 32,732 32,732 Tangible and intangible assets - - - 177,024 177,024 Other assets - - - 8,338 8,338 Total assets 818,851 6,728,225 51,927 676,754 8,275,757 5,119 552,612 631 3,523 561,885 727,837 5,750,919 55,855 520,850 7,055,461 87,527 10,872 5,602 19,050 123,051 Equity - 597,055 - - 597,055 Loss for the year - (61,695) - - (61,695) 820,483 6,849,763 62,088 543,423 8,275,757 (1,632) (121,538) (10,161) 133,331 - ASSETS Cash and balance with central bank Loans and advances to banks Loans and advances to customers Provision for possible losses on loans and advances LIABILITIES Deposits with banks Customer deposits Other liabilities Total operating liabilities NET CURRENCY GAP 19. Post balance sheet events 19.1 During our final audit work, the management of the Bank was informed by the management of RZB that the pre-opening project costs were covered by RZB. Raiffeisenbank Jugoslavija a.d. 57